Reader Asks About “Fedcoin”: Should the Fed Issue Its Own Bitcoin?

(Before It's News)

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

mishtalk.com / Mike “Mish” Shedlock / February 13, 2016 12:37:55

Are central banks planning to issue their own digital currencies? If so, is there anything to fear? Those are the questions at hand today as reader Ken asked “Could you post your opinion of Fedcoin?”

What is Fedcoin?

Fedcoin is a digital currency proposal that would use the same blockchain technology as Bitcoin. Every penny could be traced to someone. Unlike Bitcoin, Fedcoin would not have a limited supply.

A Newsweek opinion column by David Andolfatto addressed this question Should the Fed Issue Its Own Bitcoin?

Fed Investigating Fedcoin

David Andolfatto is Vice President of the Federal Reserve Bank of St Louis. That tells you the Fed is seriously investigating Fedcoin.

Andolfatto listed these positives of “Bitcoin”.

• First, it’s monetary policy reduces the “hot potato” motive of economizing on money balances—that is, it offers the prospect of being a decent long-run store of value.

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Thanks to BrotherJohnF

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